The Price of Paradise is too high!
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8/16/2012
I have lived in and around Honolulu for more than 30 years. As a kid growing up in the aloha state during the 70s and 80s, I could not think of any other place I would rather be. Having said that, reality comes crushing down upon you once you need to pay your own bills.
Let me break it down for you.
Housing, Honolulu is annually ranked amongst the top 5 most expensive housing markets in the nation. Think 1400 square feet for 450,000.00 dollars.
Food, most items need to be shipped to Hawaii for consumption. Gallon of milk at the grocery store can run as high a $6.50 (I have seen as high as $7.29), meats cost about $1-$1.50 more per pound.
Energy, Hawaii has the highest cost per KWH of any state in the nation, because about 90% of our electricity is generated from oil, and we import ALL of our oil from Asia. placing us in direct competition with much larger economies such as Japan and China.
Taxes, we have personal income taxes ranging from 7%-14%. GET tax on all goods AND services currently at .0456%.
Finally we come to incomes. Hawaii is generally a service economy based almost solely on tourism. Service industry salaries are usually on the low side leading to a median household income of approximately $63,000.00 for 2010-2011.
In closing, Hawaii has much going for it, but in my case, the Price of Paradise makes it economically untenable.
Steven | Ewa Gentry, HI